Jim Hagemann Snabe Elected New Supervisory Board Chairman

Source: www.gulfoilandgas.com 1/31/2018, Location: Europe

Jim Hagemann Snabe is the new Supervisory Board Chairman of Siemens AG. At today's constituent meeting of the new Supervisory Board, the 52-year-old software expert was elected to succeed Gerhard Cromme. Gerhard Cromme's term of office as Chairman and member of the Supervisory Board expired at the conclusion of the 2018 Annual Shareholders' Meeting. A member of the Supervisory Board since 2003, he had been its Chairman since 2007.

Jim Hagemann Snabe is the new Supervisory Board Chairman of Siemens AG. At today's constituent meeting of the new Supervisory Board, the 52-year-old software expert was elected to succeed Gerhard Cromme. Gerhard Cromme's term of office as Chairman and member of the Supervisory Board expired at the conclusion of the 2018 Annual Shareholders' Meeting. A member of the Supervisory Board since 2003, he had been its Chairman since 2007.

"It's an honor to be elected Chairman of the Supervisory Board. Siemens is leading the digital transformation of the industrial world. Digitalization presents enormous opportunities for Siemens but also places new demands on our business in terms of skills, innovation and speed of change. Together with the Supervisory Board, the Managing Board and all employees, we will support and accelerate the transformation of Siemens and society," said Jim Hagemann Snabe on his election as Chairman of the Supervisory Board.

"On behalf of all Siemens employees and the entire Managing Board, I'd like to express my sincere appreciation to Gerhard Cromme. He's served Siemens with prudence and dedication for 15 years. Gerhard Cromme has represented the company's interests with excellent judgment also in difficult times like those of the corruption scandal and helped ensure that Siemens would emerge even from crises stronger than before. From the beginning, he supported the implementation of the Vision 2020 strategy that led to fundamental changes in the company.

Today, Siemens is stronger than ever. This is also his success," said Siemens President and CEO Joe Kaeser.

As part of the regular reelection of the Siemens Supervisory Board at this year's Annual Shareholders' Meeting, the shareholders elected seven individuals to represent them on the Supervisory Board.

Four new members were elected:
Werner Brandt, Chairman of the Supervisory Board of RWE AG, Essen, Germany, and Chairman of the Supervisory Board of ProSiebenSat.1 Media SE, Munich, Germany,
Benoît Potier, Chairman and Chief Executive Officer of Air Liquide S.A., Paris, France,
Dame Nemat Talaat (Minouche) Shafik, Director of the London School of Economics, London, United Kingdom,
Matthias Zachert, Chairman of the Board of Management of LANXESS AG, Cologne, Germany.
Michael Diekmann, Norbert Reithofer and Nathalie von Siemens, who were already members of the Supervisory Board, were reelected. Shareholder representatives Hans Michael Gaul, Gérard Mestrallet and Güler Sabanc? have left the Supervisory Board.
Pursuant to the provisions of the German Codetermination Act, the ten Supervisory Board members representing Siemens' employees had been elected prior to the Annual Shareholders' Meeting for terms of office beginning at the conclusion of the 2018 Annual Shareholders' Meeting.
The Annual Shareholders' Meeting ratified the acts of the members of the Managing and Supervisory Boards for fiscal 2017. Shareholders also approved the distribution of a dividend of €3.70 per share for fiscal 2017 as proposed by the Managing and Supervisory Boards. The dividend for fiscal 2017 was €0.10 higher than the dividend for fiscal 2016. The amendment to the company's Articles of Association was likewise approved.